UAE banks to raise USD 500 mn syndicated loan for TE

UAE banks to raise USD 500 mn syndicated loan for TE: The state-owned Telecom Egypt (TE) has tapped First Abu Dhabi Bank and Mashreqbank to act as joint arrangers for a USD 500 mn, five-year syndicated facility, Reuters reports, citing a statement from the banks. The banks have already begun talks to syndicate the facility, which will be used to support capital and operational expenditures. “The loan is the latest of a number of debt facilities raised by Egyptian borrowers over the past few months, suggesting improved business conditions in the country,” the newswire notes. TE has reportedly picked up some USD 900 mn in loans recently. Its latest agreements were a short-term USD 200 mn contract with the African Export-Import Bank and another USD 200 mn long-term contract with Chinese financial institutions.